Abstract
In enhancing proper and adequate economic development in Nigeria, there is a need to manage macroeconomic stability and pro-cyclical government expenditure pattern by improving non oil growth performance. It was based on this premise that, this study sought to examine the economic development and oil revenue in Nigeria. In doing this, regression analysis was carried out using SPSS. The result revealed the overdependence of Nigeria economy on oil revenue. Thus, this paper recommends policies and functional institutions to checkmate the poor transparency in the management of oil revenue that robbed the people of their potential benefits and economy diversification that will lead to improvement in revenue generation via other sources in the economy.
Highlights
Oil is a major source of energy in Nigeria
A closer examination of the regression result for the gross domestic product as a proxy to economic development and oil revenue in Nigeria shows that, the model is appropriate in determine and establish the relationship that exists between the oil revenue and economic development in Nigeria
The model is statistically significant and it is of good fit for determining the relationship that exists between the economic development and oil revenue in Nigeria
Summary
Oil is a major source of energy in Nigeria. Oil, being the mainstay of the Nigerian economy, plays a vital role in shaping the economy and political destiny of the country. Nigeria oil industry was founded at the beginning of the century, it was not until the end of the Nigerian civil war (1967—1970) that oil industry began to play a prominent role in the economic life of the country (Odularu, 2008). After 1960, exploration rights in onshore and offshore areas adjoining the Niger Delta were extended to other foreign companies (Onwe, 2012). He further stated that Nigeria, in 1970 was able to reap instant riches from its oil production. By the late 1960s and early 1970s, Nigeria had attained a production level of over 2 million barrels of crude oil per day. Current development strategies aim at increasing production to more than 4 million barrels per day
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